Sirius Misses View; Shares Down 18%

Sirius XM Radio Inc. (SIRI) today announced a first-quarter loss of 7 cents per share, which was wider than the consensus estimate for a 3-cents loss.

Revenues for the provider of satellite radio service rose 5% to $605.5 million.

Meanwhile, the company boosted its full-year adjusted income guidance to more than $350 million, compared to earlier guidance of $300 million.

Analysts expect a loss of 12 cents per share for this year, but that has narrowed by 2 cents over the past 2 months.

Sirius XM, created by the merger of Sirius Satellite Radio and XM Satellite Radio, received a loan of $530 million earlier this year from Liberty Media Corp. to avoid a possible bankruptcy filing.

SIRI, a Zacks #3 Rank ("Hold") stock, has slipped more than 18% today on higher-than-usual volume of approximately 109 million, compared to average volume of about 64.7 million.

Read the full analyst report on SIRI